India May Attract $5 Billion in Oil, Gas Exploration Round - Bloomberg

By Dinakar Sethuraman Sept. 28 (Bloomberg) -- India may attract as much as $5billion in work commitments in the country’s largest auction ofoil and gas areas as explorers such as BP Plc, BG Group Plc andSantos Ltd. seek new deposits, a government official said.

Forklift Oil Tank manufacturing facility.

Oil companies such as Exxon Mobil Corp., Chevron Corp. and Royal Dutch Shell Plc aren’t participating in Indian auctionsbecause they want producing areas, he said. Asia’s third-largestenergy consumer, seeking to cut oil imports, may have receivedabout $12 billion in work commitments and additional spendingunder the country’s first five rounds, Sibal said. Worldwide spending on oil and gas exploration may drop 12percent to $400 billion this year, according to Barclays CapitalResearch.

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